Corzine, a former New Jersey governor and co-chairman of Goldman Sachs Group Inc., received a bonus of $1.25 million in addition to his salary of about $1.8 million last year. He also was awarded $5.35 million in now-worthless stock options. Corzine resigned from MF Global last fall, just days after the brokerage's collapse over its losing bets on European sovereign debt.
Other MF Global insiders, including Chief Operating Officer Bradley Abelow, also saw big pay days. Abelow, who is still working at the firm, was paid $2.7 million in cash, including a $1.25 million bonus, plus restricted stock valued at $1.5 million.
Neither Corzine's lawyer, Andrew Levander, nor Abelow's lawyer, Gary Naftalis, could be reached for comment.
The information was disclosed by Louis Freeh, the former director of the Federal Bureau of Investigation and the trustee for MF Global Holdings, in the schedules of assets and liabilities and statements of financial affairs for MF Global and a number of affiliates in Chapter 11.
However, the financial information for one debtor, MF Global Holdings USA Ltd., which was an important back office and intercompany transfer processor for the MF Global group of companies, wasn't included in the filing.
Freeh is winding down the holding company separately from MF Global's brokerage, which is being administered by trustee James Giddens in accordance with the Securities Investor Protection Act.
Creditors of the holding company had long clamored for the information from Freeh as they watched Giddens return money to MF Global's brokerage customers. Giddens has returned more than $4 billion to customers, while the holding-company creditors have yet to see a recovery.
To read more, go toThe Wall Street Journal.
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